Thailand passes the draft decree on crypto regulation

Thai cabinet approves the draft decree with minimal changes from the initial variant proposed by Ministry of Finances, regulating ICOs and crypto taxation
30 March 2018   1113

Government regulation has been a hot topic among the crypto community as of late. And Thai officials have been among the first few countries to announce plans to formalize the regulation and taxation on the crypto assets. And now they have passed the draft decree to regulate the cryptocurrencies and initial coin offerings.

The Thai cabinet has finally approved the draft of a royal decree to regulate cryptocurrencies and ICOs. Nothing is hugely different from the draft proposed by the Ministry of Finance earlier this month. The sole significant change from the precious version has been in the definition of the digital asset, which now reads “cryptocurrencies and digital tokens, removing other assets such as electronic data, as specified in the previous draft”, according to the Bangkok Post. The only thing left to do is to publish the decree in the Royal Gazette, after which the decree will become law and come into full effect.

Also, taxation rules have been finalized for the crypto assets. According to the Bangkok Post:

"Investors who make digital-asset related trades will be liable for a 7% value-added tax (VAT) payment, on top of the 15% withholding tax on capital gains and returns from such investments, when the new law is enforced…Retail investors will be exempt from paying VAT if they trade digital assets through exchanges."

And the ICOs now have to register in advance with the Thai SEC. All existing companies involved in the crypto market have to get licenses and report information to anti-money laundering office. The current ICOs have 90 days to report to SEC, while all the new offerings have to be registered before the actual start of the offerings.

VeriBlock to Report on Mainnet Launch

VeriBlock believes their technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”
21 March 2019   79

Using the bitcoin blockchain to ensure the safety of altcoins, the VeriBlock project announced the launch of the main network. This is reported in a press release.

According to the developers, the VeriBlock technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”. The project is confident that this approach not only ensures the security of less popular networks, but also allows their developers to focus on innovation and functionality.

According to analysts of The Block, 25–45% of bitcoin transactions fall on VeriBlock. The VeriBlock network uses a consensus algorithm called Proof-of-Proof (PoP). The project seeks to ensure the safety of other blockchains by loading a snapshot of the altcoin registry into the BTC blockchain, using the OP_RETURN function and other methods to embed network state data.

The project’s website states that PoP allows altcoin networks to use the most protected Bitcoin blockchain with its Proof-of-Work algorithm.